Blackstone lends Highgate nearly $250M for Park Central Hotel buy

Borrower picked up property from Pebblebook Hotel Trust last month for $366M

New York /
Dec.December 12, 2018 02:15 PM

From left: Highgate’s Mahmood Khimji, Mehdi Khimji, 870 7th Avenue, and Blackstone mortgage CEO Steve Plavin (Credit: Kelly Taub/BFA.com, Booking, and Blackstone)

The Blackstone Group’s mortgage arm provided Highgate with nearly $250 million to finance its acquisition of the Park Central Hotel.

Blackstone Mortgage Trust issued three loans totaling $247.57 million, property records filed with the city Wednesday show.

Records list the purchase price at $366.17 million.

Representatives for Highgate and Blackstone couldn’t be immediately reached for comment.

Pebblebrook Hotel Trust sold the 934-key Park Central Hotel at 870 Seventh Avenue late last month as part of a portfolio of properties it unloaded following its acquisition of LaSalle Hotel Properties, as The Real Deal reported.

Highgate brought in Cerberus Capital as an equity partner on the deal, according to Real Estate Alert.


Related Articles

arrow_forward_ios
Google CEO Sundar Pichai (Getty, iStock)
Google’s hybrid model will allow 20% of employees to work remotely
Google’s hybrid model will allow 20% of employees to work remotely
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
RXR Realty's Scott Rechler with 75 Rockefeller Plaza (Getty, David Shankbone/Wikimedia)
RXR Realty serves American Girl with a lawsuit
RXR Realty serves American Girl with a lawsuit
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
U.S. District Court Judge Dabney Friedrich (Senate/Chris Coons, iStock)
Judge strikes down federal eviction ban
Judge strikes down federal eviction ban
Sen. Brian Kavanagh and RSA President Joe Strasburg (Getty, Strasburg via Jeffersons Siegel)
Rent relief hinges on dwindling goodwill
Rent relief hinges on dwindling goodwill
Colliers International CEO Jay Hennick (Colliers, iStock)
Colliers’ acquisitions help boost company’s Q1 revenue
Colliers’ acquisitions help boost company’s Q1 revenue
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...